state farm

Rates Rising in the New Year

Friday, December 14, 2012

 

Jacksonville, Florida -- We know that homeowners insurance carriers in Florida are having a tough time keeping rates in check.  We all anticipate a New Year with new home insurance rates.  Most likely this is due to the high amount of natural disasters that have occurred in Florida and around the country. 

Many homeowners in Florida jumped on the band wagon moving to Citizens Property Insurance Company because they were the last carrier standing to offer coverage.  The state of Florida recently approved a 10.8 percent increase in premiums for 2013.   Florida’s Insurance Commissioner called the increases necessary, as we need to move over to “actuarially supported rates.”

State Farm Insurance Company is the third largest home insurance company doing business in Fl.  They were just approved for a 6.9% increase for upcoming renewals.  State Farm still has nearly 1.4 million policies on the books in Florida even though they stopped selling new policies many years ago. 

It looks like you will be shopping for more than Christmas presents this Holiday Season.  A review of your home insurance policy might be on Santa’s list as well. 

Read More Here:  http://www.webwire.com/ViewPressRel.asp?aId=167021

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State Farm approved to raise Florida home insurance rates 6 percent

Friday, September 28, 2012

Ponte Vedra Beach, Florida – State Farm Florida Company is the third largest insurer of houses in the state.  It looks like their rates are going up again!  On average, State Farm rates in Florida will go up by  6 percent this year.  If you have a home insurance policy with State Farm, it might be time to start shopping again to find a better rate.  If you want to compare all of the top rated carriers in Florida, give us a call today at 1-800-554-9142 and we will make it easy for you to find a policy that saves you money.

State Farm has been increasing their rates steadily in Florida since 2009.  This is the fifth rate increase that was approved by the state in the last three years.  In many instances, State Farm clients will also have to review higher deductibles for their Florida home insurance policy.  It looks like some of the out-of-pocket expenses for claims will be rising from $500 to a minimum of $1000 on the majority of homes insured by State Farm.   This increase was recently approved and posted by the Florida Office of Insurance Regulation.

We all have been following Citizens Property Insurance their proposed rate increase of 10 percent.  Citizens, the largest insurance company of homes in Florida, are looking for creative ways to make the Florida marketplace better.  We will see what the state and Citizens comes up with in the near future for FL homeowners. 

State Farm initially asked for even higher rates in Florida, asking for a 15 percent increase in premiums on average.  Have you received your letter of increase from State Farm yet?  If not, I’m sure it will be on the way very soon.

Florida homeowners insurance rates have been skyrocketing over the past several years.  Many of the reasons include, inflation on the costs to rebuild houses, increases in re-insurance premiums and a “hurricane history that has proven this to be a very unprofitable market for property insurance, “ said Lynn McChristian, the Institute’s Florida representative.

It doesn’t matter whether you have State Farm, Citizens, or any other carrier in Florida.  We can help you save time and money when it comes to insurance.  Give us a call today for a FREE policy analysis, 1-800-554-9142.

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Florida Wind Policy

Thursday, September 13, 2012

Do you have a wind policy provision on your Florida Homeowners Insurance Policy? Make sure you take your time to find the best wind policy for your home. You need great financial protection for the various natural disasters that occur in Florida on a regular basis. Is your home located on the coast? If so, hailstorms and hurricanes will probably pop up every year. Make sure you have enough coverage to replace your damages from a strong wind storm with a quality Florida wind policy.

DO I NEED A FLORIDA WIND POLICY?

A wind policy covers your home in the event damages are caused due to storms like tornados and hurricanes. Big natural disasters happen and you as a homeowners can’t afford to not have proper coverage. The most common type of damage from a Florida hurricane is replacing the roof of your home. Unless you want to shell out 25k for a new one, just get a policy to cover it.

Get more detailed information in our glossary of homeowners insurance terms today. We have a wealth of information posted regarding why you need a wind policy in Florida. If you would like to get quotes for a new wind policy, please complete our easy to use quick quote form here.

 

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Guaranteed Replacement Cost Estimator In Florida

Thursday, September 13, 2012

When independent insurance agents are helping you shop for a new Florida homeowners insurance policy they will most likely be using a guaranteed replacement cost estimator to figure out how much coverage you will need to rebuild just the other structure of your house.  When I chat with consumers and clients they always think that they should have more coverage then they actually need to replace their homes structure because many think that the value of the property is included in the replacement cost.  If your agent didn’t use a replacement cost estimator when they offered to get you a homeowners policy, please give us a call at 800-554-9142 at your convenience.    We would love to run your home through our replacement estimator so you know that your home is covered for the correct amount of protection. 

How does one know how much cover to purchase for a home if they didn’t use a replacement cost estimator?  As an educated consumer, you most know that the first step toward getting a policy to cover home is determining the insurability of your home.  We will either need to get a copy of your current policy to do an analysis or we will have to ask you bunch of detailed questions to obtain the best, most accurate quotes for your home.  Some of the items we will need to ask for in order to build your quote would be the following:

  • What Year Was Your House Built?
  • Have You Replaced Your Plumbing?
  • Have You Updated Your Roof?
  • Do You Have A Hip Roof?
  • How Many Square Feet Is Your Home?
  • Had A Claim In The Past 10 Years?
  • What Is The Physical Address?

The Majority of agents in Florida use the cost estimator tool to understand the estimated replacement of your home in case of a future loss on claim.  This must be used when developing the quotes for your house or condo in Florida.  It traditional name for this is guaranteed replacement cost estimator, but you might see agents just call it replacement cost now. 

Remember our conversation earlier.  An insurer in Florida do not want to insure the ground your home sits on.  If you buy a home for $300,000, it could be that $50,000 to $75,000 is the value of the lot of land.  The other $225,000 to $250,000 would be the estimated replacement cost to build a new home.  Do not try to over insure your home because many of the carriers doing business in Florida do not find that appropriate.  Give us a call today If you want to get an accurate replacement cost of your home.  If you are too busy to call our office, feel free to get FREE online homeowners quote with our easy to use quote engine today!

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State Farm To Increase Rates in Florida

Jacksonville Florida Homeowners Insurance News

The large homeowners insurance company, State Farm of Florida,  has just requested a 28 percent increase on homeowners insurance rates due to many sinkhole claims in the Sunshine State. This request comes as many Florida lawmakers are trying to fix the sinkhole issue occuring in the state.  There will be a legislative session which convenes March 8, 2011 to try and come up with a solution for the rising costs of homeowners insurance in Florida. 

Forida State Farm spokesperson Chris Neal recently said that the push for the rate request is the rise in the insurer’s non-catastrophe losses, which have increased by over 90 percent over the last few years. By far, he said, the majority of that increase is due to the rise in sinkhole losses. In 2007, the carrier paid out just $47 million in sinkhole claims, a figure that has increased steadily with the carrier paying out over $119 million in the first three quarters of 2010.

Read more today at:  http://www.insurancejournal.com/news/southeast/2011/02/01/182926.htm

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